Web 3.0 in simple terms is 3rd web on the internet also to be known as decentralized web after the current improvement and security features in web 2.0 and web 1.0!
This is known as decentralized since all the users in this web are independent of the transactional control from the central financial banks all over the world and data transparency would be its key component.
This means every user can see other users’ transactions but cannot have control over that information due to security through technology in web 3.0 known as the blockchain.
Now What exactly is a Blockchain?
To explain it in simplest terms,
A blockchain is a database distributed or shared among the nodes on several machines ( by machine, it means my, your, or any other computer laptop or machine).
It is an immutable (unchangeable) ledger that stores the information digitally and is pretty secure than any other storage option across the internet.
Blockchain is pretty heavy to understand but the thing you should know that the blockchain is to be probably the most secured technology ever build.
Even the banks and financial institutions are wondering about the level of security and at the same the transparency it provides to the user. It’s just mind-blowing.
Blockchains are majorly and crucially known for cryptocurrency system building i.e in Bitcoin and Ethereum for creating security patches and transparency among the users and transactions.
Without the need for any central authority, a blockchain Ethereum uses its own public primary blockchain systems known as “Mainnet” while bitcoin uses distributed ledger as the blockchain method.
Web 3.0 not only just focuses on the financial or transactional purpose, but it also has several other advantages over web 2.0.
It has a long way to go and shortly, all the information of every person will be used as a portfolio and all the people will have access to the things and stuff we do on the internet without hacking or stealing out data and information.
Now the blockchain technology can be easily understood through diagrams and pictures so here are some of them to deeply understand the concepts of blockchain technology.
The web3.0 also includes the concept called metaverse in which people can interact and play games, watch a movie, do office work, go to a concert, etc. all in the virtual world.
Recently “Facebook” has changed its name to “Meta” which clearly shows where mark Zuckerberg’s focus is shifting to.
Even he had a prediction of the mindset shift in people to move in metaverse world and experience and do almost everything virtually.
The intention to change the name of a well-established social media platform to suddenly “Meta” is to aware people that the wave of web 3.0 is about to come.
And in the next 5-10 years down the line, living in a virtual world and experiencing almost anything the world and beyond imagination would be a daily habit.
This stuff may be shocking and seems impossible but the internet is already changing its shift to the web 3.0 world.
If you don’t believe it then tell me..!
Have you ever heard of the NFT or cryptocurrency?
Whether you have heard it or not, but this stuff is in the web 3.0 universe.
NFT stands for Non-Fungible Token. It is a digital asset in the form of digital art which runs on blockchain technology.
As we have precious art such as Picasso, Mona Lisa, Starring night, etc paintings that are in the physical form and have a certain value and price according to its uniqueness and hype.
Precisely, the NFT’s are the digital arts that possess their value according to their uniqueness, and their value may be increased or decreased according to its originality and customers’ potential to buy it at a certain price.
Since the NFT uses blockchain and has access to everyone due to its transparency. The person who buys a particular art or collectibles has all the rights and protections of that digital art piece through the blockchain system. That is what makes NFT so unique to buy and sell.
As the appreciation or depreciation of the NFT happens, people can either buy or sell accordingly to make profits out of it. That is what makes web 3.0 successful among the gen-z generation and the youth of the world.
The open sea is the biggest platform to buy or sell NFT’s while Bitcoin and Ethereum are the 2 most popular cryptocurrencies in the web 3.0 market.
The majority of the people are in the support of this shift into the new internet universe as everything would be digital and secure in the Web 3.0 world.
But where there are hopes and advantages, there would always be consequences and disadvantages of this new shift and they are ——
- Everything virtually will impact kids and the younger generation in a bad way.
- People will have less focus on the daily real-world tasks.
- Users will lose their privacy and personal things on the internet since everything would be public in the web 3.0 world.
- Your collections in the virtual world would matter a lot more than your real-world collection of things. The status game on the internet will be promoted and people may lose their interest in the real world.
- People may start to get bored of the real world and get addicted to being involved in some activities in the web3 universe.
- People will get less interested in travel and they will sit all day sitting, eating, playing, earning, all on a single screen and digital metaverse.
These are some of the consequences which may occur soon but each individual can improve and get ready to tackle these consequences if everyone acts responsibly.
This new internet technology may take some more time to get into the heads of many people but this is for sure that the world is changing at a very rapid pace, especially after the Covid-19. While the NFT and crypto seem new to you, they will eventually become a part and everyone will have to adopt this technology later if not today.
Hope you understood the key concepts in the Web 3.0 world. You also have the advantage of this amazing technology to know it before the majority of people. So you can also create apps and websites which may run on the ethereum blockchains and start a source of income in the web 3.0 world since it has a long way to go in the internet world.
You can also invest in cryptocurrencies and NFT’s if you want to and hold it to gain profits at your risks as it may get depreciated or may increase at a very rapid pace.
Web 3.0 and blockchain technology is simple from the outside but very complex and complicated from the inside. Due to this reason, many of the companies and payment merchants are opting for crypto as the payment option as it provides transparency and many layers of security with this technology provided and still evolving.